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The following are the minutes of the 4Q25FY earnings call for $Disney(DIS.US) compiled by Dolphin Research. For a review of the earnings report, please refer to the article &#34;Disney: Short-term Pressure but Guidance Unchanged, Can Iger Turn the Tide Before Leaving?&#34;1. Review of Core Financial Information1. DTC Net User Growth Rebounds Beyond Expectations: Streaming user growth continued to rebound in the fourth quarter, with Disney+ adding 4 million net new users (bundled packages) and Hulu adding 8.6 million (driven by the resumption of the Charter partnership and global brand expansion), both exceeding market expectations. The growth was mainly driven by high-quality content...

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Disney (Minutes): Committed to double-digit percentage growth in earnings next year

Financial Analysis

Hello everyone, I am Dolphin Research! $Disney(DIS.US) released its fiscal year 2025 fourth quarter (CY25Q3) earnings before the U.S. stock market opened on November 12th, Eastern Time. The third-quarter performance slightly missed expectations overall, with revenue under pressure, especially in the theme parks, which contribute the most to earnings, as the delayed competitive impact has become apparent. Although the company's profitability was slightly better and it maintained its relatively positive guidance for 2026 without adjustments, the market seems to lack confidence. Specifically: 1. DTC net user growth rebounded beyond expectations: Fourth-quarter streaming user growth continued to rebound...

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Disney: Short-term Pressure but Guidance Unchanged, Can Iger Turn the Tide Before Leaving?

Today’s Key News Recap

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

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Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

The following are the minutes of the FY25Q3 earnings call for $Disney(DIS.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Be Patient, Disney's Spring is Near.&#34; 1. Review of Core Financial Information: 1. DTC continues to grow &#34;with quality&#34;: In the third quarter, the net increase in streaming users was 1.7 million, basically in line with market expectations, mainly driven by the release of previous hits like &#34;Moana 2&#34; and &#34;Andor&#34; on the platform. By integrating different resources, it is evident that monetization efficiency can be improved. The DTC segment has seen a continuous increase in profit margins for four consecutive quarters, with an operating profit margin of 5.6% in the third quarter guidance...

Disney (Minutes): Integration of streaming resources can lead to an overall value enhancement

Hello everyone, I am Dolphin Research! $Disney(DIS.US) released its fiscal year 2025 third quarter (CY25Q2) earnings before the U.S. stock market opened on August 6th, Eastern Time. The third-quarter performance was generally in line with the company's positive trend, but compared to expectations, it was mixed. The negative market feedback post-earnings was mainly due to dissatisfaction with the extent of the guidance increase. Specifically: 1. DTC continues to grow &#34;with quality&#34;: The third quarter saw a net increase of 1.7 million streaming users, roughly meeting market expectations, mainly driven by the release of previous hits like &#34;Moana 2&#34; and &#34;Andor&#34; on the platform. After integrating different resources...

Stay patient, Disney's spring is near

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0618 | Dolphin Research Focus: 🐬 Macro/Industry 1. At the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight significant financial policies. These eight measures cover multiple key areas, from the construction of market infrastructure to financial product innovation, from the promotion of RMB internationalization to the two-way opening of financial markets, comprehensively reshaping the capital market ecosystem. The policies are designed to work in synergy, promoting high-quality development of China's financial markets, enhancing the efficiency of financial services to the real economy, and playing a more significant role in global financial governance ...

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PBoC Unveils Eight Landmark Financial Opening Measures; Market Eyes Tonight’s FOMC Rate Decision | Today's important news recap

Below is the $Disney(DIS.US) 2Q25FY Minutes. For earnings commentary, please refer to &#34;Multiple Breakthroughs, Is Disney's Spring Coming?&#34; I. Key Financial Indicators II. Management Report In the 102-year history of The Walt Disney Company, there have been many milestone moments and countless achievements. One significant moment was the opening of Disneyland in 1955. Now, 70 years later, we have welcomed 4 billion guests across our 6 Disney theme park destinations worldwide, celebrating another great moment in our glorious history...

Disney (Minutes): New theme park to be located in the Middle East

Hello everyone, this is Dolphin Research! $Disney(DIS.US) released its Q2 FY2025 (CY25Q1) earnings before the U.S. market opened on May 8, Eastern Time. The Q2 performance was strong, exceeding market expectations which were initially cautious, with multiple business revenues surpassing forecasts, especially on the profit side, which significantly outperformed. Management subsequently raised the outlook for the year. Specifically: 1. The dual strategy of DTC streaming bundles and account sharing worked effectively: The net increase in streaming subscribers this quarter was very encouraging. Last quarter, the company had guided for a slight decline, while third-party channel tracking data showed...

Multiple breakthroughs, is Disney's spring finally here?

Disney's Q2 performance was good, with profits significantly exceeding expectations. In addition, management has also significantly raised its outlook for the year.Details:1. Q2 Results: Financially, profits beat expectations by a wide margin, but Dolphin Research found the growth in Disney+ subscribers even more encouraging.Before the earnings report, market concerns were mainly based on third-party data tracking, which showed poor Disney+ user metrics. Combined with the company's conservative guidance last quarter (expecting a slight sequential decline in subscribers), the market was not particularly satisfied with the strategy of trading price hikes for &#34;temporary&#34; revenue and profit growth.However, the actual results showed a net addition of 1.4 million subscribers in Q2, with guidance for a slight increase in Q3 as well. This is likely due to the crackdown on account sharing starting to take effect, which undoubtedly alleviated the market's main concerns.2. Raised FY2025 Guidance:(1) Adjusted EPS was raised to $5.75. Based on yesterday's closing price, the implied forward non-GAAP P/E is only 14x, which is on the lower end of the range, whether looking at growth trends or historical valuations.(2) The group's profit guidance was raised, driven not only by DTC expansion and further integration of cable TV resources to improve monetization efficiency but also by higher expectations for Sports. The company raised its Sports profit growth forecast from 13% to 18%. Sports primarily consists of ESPN (including streaming) content. In August this year, ESPN will launch its flagship version (integrating cable TV and streaming content under a unified streaming subscription model). While market expectations were not high initially, the company's upward revision of growth could boost market sentiment.(3) While there were no significant changes (or upward revisions) to guidance for other businesses, in the current uncertain macro environment—especially for a multinational like Disney—this actually provides more confidence in growth to a market that had been relatively conservative in its expectations.Dolphin Research will provide a detailed earnings review later, incorporating insights from the earnings call.$Disney(DIS.US)

Francis Maguire's Weekly Business and Finance News Summary

Zootopia 2 Continues to Dominate Box Office for 10 Consecutive Days, Grossing Over 3.22 Billion Yuan

Tech Giants Forming In-House Teams to Address Rising Electricity Prices

Taikang Asset Management Hong Kong Reduces Stake in Walt Disney

Granite Investment Partners LLC Increases Disney Shares to $5.12 Million

Disney Donates Over 10 Million to Support Victims of the Tai Po Fire

Zootopia 2 Creates $275 Million Box Office Record in China

Disney's 'Zootopia 2' Earns Around $556 Million Globally During Thanksgiving Weekend

Shanghai Disneyland Experiences Quality Issues Amid Surge in Visitors During Autumn Break

Mackenzie Financial Increases Disney Stake to $82.25 Million

Giverny Capital Inc. Increased Holdings in Walt Disney in Q2

Zootopia 2 breaks box office pre-sales record for animated films

Hong Kong Disneyland Cancels Sky Party Event

Disney Reports Strong Fiscal 2025 Earnings

Dynamic Tech Lab Pte Ltd sold Walt Disney Co shares

Zootopia 2 Pre-sale Box Office Surpasses 182 Million Yuan

Report Released the 2024 China Theme Park Competitiveness Ranking

Varenne Capital Partners Invests $34.69 Million in Disney

Seaport Res Ptn Raises Walt Disney's Q2 2026 EPS Estimate

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Halper Sadeh LLC urges Walt Disney Company shareholders to contact the firm about possible rights violations.

Ordinary dividend (cash)

Ex Date: 2025.12.15 (EST), Cash dividend 0.75 USD

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